Global Pediatric Radiology Market Size

Pediatric Radiology Market Analysis

The pediatric radiology market studied is anticipated to grow at a CAGR of 5.6% during the forecast period.

COVID-19 has had a significant impact on the pediatric radiology market. According to a research article titled "The Economic Impact of the COVID-19 Pandemic on Radiology Practices" published by the Radiological Society of North America in April 2020, the policy measures adopted to slow the transmission of COVID-19 resulted in a decreased demand for imaging services. Furthermore, the study detailed that in the pre-COVID control era, 669 imaging studies documented bone fractures in 145/568 children (25.5%), while in the COVID era, 79/177 (44.6%) pediatric patients showed bone fractures in 193 imaging studies. However, owing to the long-term impact of COVID-19 on the body and large-scale vaccination programs running around the world, the studied market is expected to regain its full potential over the next few years.

In addition, the major factors driving the market’s growth include the rising incidence of chronic illnesses in children, such as anemia, asthma, chickenpox, diphtheria, leukemia, measles, mumps, pneumonia, tuberculosis, whooping cough, and Lyme disease. For instance, over 800,000 children under the age of five die from pneumonia each year, more than any other infectious disease, according to UNICEF 2021's April report. This includes more than 153,000 new babies. One of the most common chronic diseases in children is pneumonia, which is increasing the demand for medical diagnostic imaging, thereby boosting market growth.

Moreover, factors such as increasing heart disease coupled with technological advancements are expected to bolster the market's growth. The most prevalent birth problem is congenital heart defects (CHD). According to the Heart Disease & Stroke Statistical Fact Sheet 2020, congenital heart abnormalities are predicted to affect at least 40,000 infants annually in the United States. Of these, 2.4 (per 1,000 live births), or roughly 25%, require medical attention in the first year of life.

Additionally, the launch of new products and adoption of key strategies such as partnerships, investments, acquisitions, and others is expected to drive the studied market. For instance, in October 2021, Royal Philips announced the launch of Philips Pediatric Coaching, a holistic solution designed to be a less stressful experience for parents and their children undergoing MRI scans. This will further enhance the adoption of pediatric radiology systems in developed countries, thus leading to the lucrative growth of the market.

However, the small size of the study population, ethical issues in pediatric research, a lack of skilled healthcare professionals, and challenges with the upgradations in pediatric imaging techniques are expected to hinder the market's growth during the study period.